§39A-291 - Special purpose revenue bonds not a general obligation of the State. - Hawaii Statutes

     [§39A-291]  Special purpose revenue bonds not a general obligation of the State.  No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of the taxing power of the State to pay for the bonds or the interest on the bonds, and no moneys other than the revenues pledged to the bonds shall be applied toward their payment.  Each special purpose revenue bond issued under this part shall recite in substance that the bond, including interest on the bond, is not a general obligation of the State and is payable solely from the revenues pledged to the payment thereof and that the bond is not secured directly or indirectly by the full faith and credit of the State, by the general credit of the State, or by any revenue or taxes of the State other than the revenues specifically pledged thereto. [L 2006, c 102, pt of §2]